McTavish Ltd. completed its fi rst year of operations on September 30, 2021. McTavish reported the following
Question:
McTavish Ltd. completed its fi rst year of operations on September 30, 2021. McTavish reported the following information at September 30, 2021:
Instructions
Assuming that McTavish reports under ASPE, prepare the operating section of a cash fl ow statement using the direct method.
Transcribed Image Text:
MCTAVISH LTD. Selected balance sheet account balances at September 30, 2021 Accounts receivable $23,000 Prepaid expenses Accrued expenses payable Interest payable Dividends payable Income taxes payable 3,100 10,500 500 3,800 9,800 MCTAVISH LTD. Income Statement Year Ended September 30, 2021 Service revenue $285,000 $122,000 Operating expenses Depreciation expense Gain on sale of equipment 12,300 (5,750) 128,550 Profit from operations Interest expense 156,450 4,000 Profit before income tax 152,450 Income tax expense 38,500 Profit $113,950
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (13 reviews)
McTAVISH LTD Cash Flow Statement partial x Direct Method Year Ended September 30 2021 Operating acti...View the full answer
Answered By
Mugdha Sisodiya
My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional.
Since 2012 I am providing home tutions.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles Volume 2
ISBN: 978-1119502555
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Question Posted:
Students also viewed these Business questions
-
McTavish Ltd. completed its first year of operations on September 30, 2014. McTavish reported the following information at September 30, 2014: McTAVISH LTD. Selected balance sheet account balances at...
-
McTavish Ltd. completed its first year of operations on September 30, 2017. McTavish reported the following information at September 30, 2017: McTAVISH LTD. Selected balance sheet account balances at...
-
Hammond Ltd. completed its first year of operations on September 30, 2014. Hammond reported the following information at September 30, 2014: HAMMOND LTD. Selected balance sheet account balances at...
-
Given that a quantity Q(t) is described by the exponential growth function Q(t) = 400e0.01t where t is measured in minutes, answer the following questions. (a) What is the growth constant k? k = (b)...
-
If the probability that a normal object is classified as an anomaly is 0.01 and the probability that an anomalous object is classified as anomalous is 0.99, then what is the false alarm rate and...
-
1.The accounting records for 2017 of DB Co. showed the following: Decrease in Raw materials inventory P45,000 Decrease in Finished Goods Inventory 150,000 Raw material purchased 1,290,000 Direct...
-
This problem looks at the trade-offs between purity measured by \(\mathrm{y}_{\mathrm{I}, \text { out }} / \mathrm{y}_{\text {sugar, out }}\) and sugar recovery in the liquid,...
-
Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Data needed for year-end adjustments are as follows: ¢ Unbilled...
-
compare and contrast the court systems for Florida and one other state of your choice.
-
Use the from step b) to compute the monthly excess outperformance (or underperformance in case the number is negative) of Fund X. The formula is: RX - RVG (as a reminder Rx and Rvg are excess returns...
-
Home Grocery Corporation reported the following in its 2021 financial statements. Calculate the cash payments for income tax. 2021 2020 Income tax payable Income tax expense $17,000 90,000 $8,000
-
ICE Inc. reported the following in its December 31, 2021, financial statements. Calculate the cash payments to employees. 2021 2020 Salaries payable Salaries expense $ 2,500 $4,000 188,000
-
A private college in Wisconsin offers an MBA program for executives. The following table shows the tuition for the program from 2014 to 2019. a. Use 2014 as the base year to form a simple price index...
-
On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month: Jan. 1 Fahad Ali transferred cash from a personal bank account to an...
-
The cause of action:Breach of Contract. The client is getting sued for breaching an apartment lease. Hector's representation includes appearances at all circuit court proceedings, consultations and...
-
You turn down $32,800 per year job offer in order to open your own bakery business. You borrow $180,000 to purchase equipment payable in 10 years at 10 % per year at an equal payment. You agree to...
-
Based on these two articles Links below "Missing The Mark: Gun Control Is Not The Cure For What Ails The U.S. Mental Health System"; and "Critical Issues On Gun Violence In The Hospital Workplace;...
-
Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials Standard direct materials allowed for units...
-
NASA uses 4 identical on-board computers (i.e. 3 are redundant) to control the space shuttle.. If the reliability of any computer is 0.9, what is the overall system reliability?
-
In your audit of Garza Company, you find that a physical inventory on December 31, 2012, showed merchandise with a cost of $441,000 was on hand at that date. You also discover the following items...
-
Diamond Dealers has two notes payable outstanding on December 31, 2021, as follows: a. A five-year, 5.5%, $60,000 note payable issued on August 31, 2021. Diamond Dealers is required to pay $12,000...
-
Slovak Plumbing Company pays its support staff weekly and its plumbers on a semimonthly basis. The following support staff payroll information is available for the week ended May 12, 2018: The...
-
Steigs Sports Store has a customer loyalty program in which it issues points to customers for every cash purchase that can be applied to future purchases. For every dollar spent, a customer receives...
-
Answer ALL questions. Read the following case study and answer the questions: (30 MARKS] Elsies Limited is a nationally recognised supplier of catering equipment. It offers safe and secure shopping...
-
Ridgetown NewsInc. is considering making an offer to purchase Orford Publications. The vice president of finance has collected the following information: RIDGETOWN ORFORD PRICE/EARNINGS RATIO 15.2...
-
Capital appreciation bonds (CAB) are unique because a. they can only be utilized by county governments. b. they must conform to "the 75-cent test." c. the principal and interest accrued are both paid...
Study smarter with the SolutionInn App